Rent-To-Own

Qualified applicants may also be considered for home ownership through the Rent-to-Own programme.

This Programme was developed as an initiative that would target the lower income segment of society who are unable to service a mortgage. It is hoped that individuals can achieve, on a phased basis, their long term goal of purchasing/acquiring a housing solution.

Under the Programme a beneficiary is allowed to enter into occupation of a mortgage unit under the agreement of a License to Occupy for a period of five (5) years with the option to purchase. At the end of the five years, two thirds of the rental payment will be applied as a deposit towards the purchase of the unit, and the rental tenancy will be converted to mortgage status. If the tenant is still unable to qualify for a mortgage after five (5) years the option will be extended for a further three (3) years.

Where units are maintained by the HDC, during the period of the Agreement, one third of the rent paid will be retained by the HDC to off-set maintenance expenditure. All other charges relevant to the property will be borne by the beneficiary.

How can someone be considered for this programme?

To apply, interested persons must submit an application through the method prescribed under New Home Mortgage.

An applicant’s application must first be selected through one of the computerised random selection draws for New Home Mortgage as outlined in previous section under mortgage.

Upon the selection of an application, the applicant will be invited to attend an assessment interview by the HDC, it is ONLY at this stage will consideration be given to the applicant to access a housing unit under the ‘Rent-to-Own’ option.